MicroStrategy's BTC reserves could cover decades of dividends, but the market remains cautious

ChainCatcher report: Jiang Zhuo’er stated that MicroStrategy (MSTR) currently holds approximately $55 billion in Bitcoin assets, which corresponds to an annual dividend payout of about $1.7 billion on its STRC preferred shares—meaning, theoretically, selling BTC could cover dividend obligations for roughly 32 years. STRC is a preferred share, not a debt instrument, so there is no traditional mandatory repayment pressure; from a financial structure perspective, MSTR does not face “forced liquidation leverage risk” or short-term solvency crises. However, the very existence of this statement reflects growing market concerns regarding its long-term cash flow and the volatility of its crypto assets. STRC has recently shown significant discount fluctuations, limiting its refinancing capacity. Additionally, MSTR has increasingly relied on issuing common shares to fund recent BTC purchases (which may dilute BTC per share when mNAV falls below 1), a strategy unlikely to be sustainable over the long term. Jiang Zhuo’er noted that although the actual scale of BTC sales by MSTR to pay dividends is relatively small compared to the overall market, their symbolic significance may be greater, potentially pressuring market confidence and prompting investors to reassess the likelihood of “long-term passive selling” of BTC. Market understanding of this structure remains inconsistent, and this divergence in perception itself may become a significant factor influencing expectations and sentiment.